In a significant move to bolster small and medium enterprises in Khyber Pakhtunkhwa, Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan convened a high-level meeting with SME cluster representatives from the province on Friday.
Government's Vision for SME Transformation
The meeting, attended by acting CEO SMEDA Ms Nadia, Additional Secretary for Industries and Production, and the Director General to the SAPM, focused on aligning Pakistani SMEs with modern technological advancements. Haroon Akhtar Khan articulated Prime Minister Shehbaz Sharif's vision for micro, small, and medium enterprises, emphasizing their crucial role as the backbone of economic growth, employment generation, and export promotion.
"Prime Minister Shehbaz Sharif believes that small businesses are the backbone of economic growth, employment generation, and export promotion," Khan stated during the proceedings. He further stressed that no country can achieve sustainable economic development without strengthening its small and medium enterprises sector.
Concrete Initiatives Announced
The government revealed several concrete measures to support SME growth. SMEDA informed participants about a newly signed Memorandum of Understanding with Mobilink that will enable online bank registration through smartphones for SMEs, significantly simplifying the business setup process.
Khan assured that the government is actively facilitating SMEs through banking channels and collaborating with international consultants to introduce global best practices. He particularly emphasized the government's commitment to empowering women through entrepreneurship and skill development programs to achieve inclusive economic progress.
KP-Specific Support Measures
Representatives from Khyber Pakhtunkhwa's SME clusters highlighted specific regional opportunities, pointing to the immense export potential of the province's honey industry and requesting government support for the furniture sector. In response, Khan assured that SMEDA would extend facilitation for honey production and packaging improvements.
The SAPM praised the performance of SMEs in Khyber Pakhtunkhwa despite numerous challenges and directed enhanced coordination with the provincial government for establishing new industrial estates in the region. He also instructed SMEDA to provide engineers and designers to assist SMEs in improving product design and value addition.
Khan underscored that the provision of Islamic banking facilities, financial support, and innovative funding mechanisms would ensure sustainable SME growth. He highlighted Pakistan's leading role in promoting SME cooperation among D-8 countries and concluded that the promotion of SMEs would strengthen Pakistan's economy and create employment opportunities for the youth.
SME representatives appreciated the Ministry of Industries and Production's efforts and expressed gratitude to Prime Minister Shehbaz Sharif and SAPM Haroon Akhtar Khan for their initiatives to uplift the SME sector.
